Technical committee of micro finance institutions network inaugurated
Accra (Greater Accra) 05 July 2001
Ghana is to benefit from 300 million Euros grant under the Cotonou Agreement for the next five years, Mr Alessandro Mariani, first Secretary of the European Union (EU) said on Wednesday.
The grant is the contribution of member states to support EU-assisted programmes in the country.
Mr Mariani, who is the Economic Adviser to the Delegation of the European Commission in Ghana, said this during a farewell call on the Minister of Foreign Affairs, Mr Hackman Owusu-Agyeman in Accra.
He commended the government for its co-operation and support for EU programmes particularly its involvement in development projects.
Mr Owusu-Agyeman urged the EU not only to open its market to developing countries but also to support their efforts in developing, increasing and improving the production base of manufacturing industry.
He said Ghana is particularly interested in value added products for export.
Mr Owusu-Agyeman repeated his call for a Marshal Plan for the development of Africa to give meaning to democracy.
He said, "democracy is meaningless, unless it assists the people to improve upon their living conditions."
Mr Mariani leaves Ghana after a four-year duty tour.
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Accra (Greater Accra) 05 July 2001
The World Bank country office in Accra has described the draft of Ghana Strategy for Poverty Reduction (GSPR) as appropriate to Ghana's circumstances that provides sound basis for discussion of the Bank's business strategy.
"It balances growth with human development and empowerment in a way that should enable Ghana continue to reduce poverty in the coming years," the bank's Country Assistance Strategy (CAS) for Ghana 2000-2003 noted.
The CAS said the poverty reduction strategy, which is currently under review for presentation to the bank's directors later this month, correctly identifies the source of poverty, and its strongest feature in the way that poverty is mainstreamed into sectoral strategies.
In particular, there is the notion of the 'poverty sieve': the idea that all sectoral strategies and programmes should be judged explicitly by the extent to which they contribute to poverty reduction.
It has strong emphasis on rural development and the need for balanced growth if the plight of the rural poor is to be addressed effectively.
The CAS said given Ghana's limited financial capacity, there are no extensive programmes of social protection, adding that there are however, small-scale pilot activities supported by partners.
"The poverty programme, in terms of expenditure, appears to be feasible, if subject to a number of factors including macroeconomic performance and framework, privatisation, education capacity and decentralisation."
Giving an overview of the 1998 CAS for instance, where Ghana was then emerging from protracted years of macroeconomic instability, the focus was on restoring and sustaining macroeconomic stability, ensuring a breakthrough in private investment, especially exports and the promotion of broad based social, rural development and implementation of direct poverty alleviation measures.
"There was progress substantially in 1997-1998, however budget performance deteriorated the following year due to sharp drops in terms of trade and shortfalls in programme assistance," the document said.
The document said the poverty reduction programme stresses the need to deepen access to basic social services and infrastructure to the poor, increased support to basic education, increased supply of teaching and learning materials and ensuring that all teachers are trained.
It also aims at increasing expenditure on social services from 17.4 per cent in 2000 to 22.5 per cent in 2002.
Economic services and administration are also programmed to decline in shares of discretionary expenditures.
On education, the draft programme said compared to other sectors of the Ghana Living Standards Survey (GLSS), the results indicate that substantial progress has been made with net primary (6-11 years) enrolment increasing slowly.
The new non-formal education programme intends to focus on women in the 15-45 age group and seeks to find a level ground between the Ministry of Education and development partners on acceptable mechanisms for managing donor-funded educational programme and activities, forge cooperation in the areas of policy formulation, analysis and planning.
Other areas that the programme intends to effect significant growth and change is in the health, water, agriculture, cocoa, and improvement of infrastructure linkages, environment, governance, financial management and anti-corruption.
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Accra (Greater Accra) 05 July 2001
The Ghana Micro Finance Institutions Network (GHAMFIN), a non-financial institution, on Thursday inaugurated a seven-member Technical Committee for a two-year term.
The Committee members selected from various backgrounds is tasked to deliberate on matters referred to them by the Executive Council of GHAMFIN. The members are also to advise the Council on the appropriate policy options or course of action.
GHAMFIN is an amalgam of three micro finance institutions aimed at co-ordinating and supporting the activities of micro finance institutions with the view to promoting the development of an efficient and sustainable micro finance industry in Ghana.
Mr Francis Beinpuo, Board Chairman of GHAMFIN, said the committee was constituted because the institution seeks to review its performance and identify opportunities for moving forward.
He said GHAMFIN would endeavour to develop an information base on the micro finance industry in Ghana, enhance financial integration between the formal and informal sectors and collaborate with government, donors and other regional networks to solve common problems facing them.
Mrs Victoria Cooper, vice chairperson of the American Chamber of Commerce, said the ability of micro, small and medium-sized businesses to obtain credit and repay it was a proven method for poverty alleviation around the world.
She said the government's policy paper on Micro and Small Enterprises (MSEs) development in Ghana pointed out that the sector could contribute to reduce unemployment and promote economic growth within an enabling environment.
The Committee is yet to elect its executives.
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Ghana Website Awards on July 28
Accra (Greater Accra) 05 July 2001
The first Ghana Website Awards will be held on July 28, Deloitte and Touche, adjudicators of the scheme, announced in Accra on Thursday.
Mr Martin Atta-Fynn, Associate Director of the company, told a press conference in Accra that the award is designed to encourage, offer opportunity for creative talents of local web designers and for the development of local content on the Internet.
The Awards are in two categories, the ProWeb and People's Choice.
The criteria for entry are that all the sites must be locally developed and for companies operating in the country or individual residents.
Mr Atta-Fynn said 260 companies and individuals had met the entry requirements by the close of submission on June 15, 2001.
He said special awards would also be given to organisations and individuals in the industry who have contributed most to the development and advancement of the technology in Ghana.
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Accra (Greater Accra) 05 July 2001
The Public Utility Regulatory Commission says it has instructed the Electricity Company of Ghana (ECG) to adjust the bills of many customers whose May "billing cycle" includes a significant proportion of pre-May consumption.
A statement signed on Thursday by Mr Stephen Adu, the Commission's Executive Secretary, said the bills should so be adjusted that pre-May electricity consumption is charged separately at the old rate.
"ECG will soon announce corrective measures being taken to ensure that customers are appropriately credited with excess payments," it said.
The statement said while not faulting the utilities' strict application of the tariff announcement, the inherent and resulting unfairness was neither intended nor foreseen.
"The Commission is aware of certain practical problems arising from the implementation of the new tariff by the distribution utilities," it said
Meanwhile, the Commission has appealed to customers to pay their bills promptly to assure the viability of the utilities and to enable them to continue to provide improved services.
The commission recently approved new electricity tariffs for Volta River Authority and the ECG. While that for VRA took effect from May 1, ECG's was for May billing cycle.
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Mim (Brong Ahafo) 05 July 2001
Mim Timber Company Limited has been divested to Nigel Davids Group of Companies and will now operate under the name Ayom Forest Products Limited.
Mr George Boakye, Asunafo District Chief Executive, who announced this at a durbar of chiefs and people of Mim, said the new management would start paying the entitlements of the workers by next Friday.
He did not mention the amount involved in the sale of the company but said Ayom will produce both sawn wood and plywood for the local and export markets and invest 100 million dollars in afforestation.
Nana Kofi Boffah, Acting President of the Mim Traditional Council appealed to the DCE to ensure that timber contractors operating in the area honour their social responsibilities
Mr Yaw Osei Boahen, Chairman of Mim Town Council asked the people to co-operate with the new company to ensure the economic development of the area.
There was a suggestion by a section of the people that the name of the company should be changed to Mim Forest Products Limited.
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Accra (Greater Accra) 05 July 2001
The GSE-All share index ended mid-week trading a modest 0.24 points higher pushed by advancing Mobil Oil Ghana Limited and Aluworks.
The index was up marginally at 932.78 points from the previous close of 932.53 points on Tuesday, but the market continued to struggle under heavy bearish sentiments.
Traded volumes sank for the second time in the week at 11,200 as against 18,500 shares.
There are two price gains. Aluworks gained four cedis at 12,005 cedis and MOGL was up 100 cedis to close at 19,500 cedis.
The change for the year to date now stands at 8.72 per cent.
Market capitalisation went up slightly at 3,785.84 billion cedis from 3,785.38 billion cedis at the previous close on Tuesday.
The following are the last prices of listed equities in cedis:
ABL 630
AGC 18,500
ALW 12,005 +4
BAT 550
CFAO 60
EIC 2,890
FML 800
GBL 1,300
GCB 1,600
GGL 900
HFC 952
MGL 240
MLC 130
MOGL 19,500 +100
PAF 350
PBC 450
PZ 640
SCB 21,000
SPPC 306
SSB 2,300
UNIL 1,800
CMLT 425
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Accra (Greater Accra) 05 July 2001
Currency Buying Selling
US Dollar 7,037.00 7,263.45
Pound Sterling 9,898.95 10,220.40
French Franc 907.74 936.76
Swiss Franc 3,911.39 4,036.65
Deutsche Mark 3,044.14 3,142.03
Canadian Dollar 4,663.60 4,812.77
Japanese Yen 56.40 58.19
Dutch Guilder 2,702.05 2,788.27
S/African Rand 875.35 902.75
Euro 5,956.05 6,143.91
CFA Franc 9.08 9.37
Naira 63.12 65.16
Ecowas/WAUA 8,799.15 ========
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